Kotler Chapter Assignment - Chapter 12 Setting Product Strategy

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Setting Product Strategy
Patrick L. Reyes
October 7, 2013

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A Marketer…
1. Addresses Product Levels
2. Classifies Products
3. Differentiates Products and/or
Services
4. Identifies Levels of Product
Hierarchy
5. Analyzes Product Lines, Product
Systems and Mix
6. Delivers with
Packaging, Labeling, Warranties, and
Guarantees
At the heart of a great brand
is a great product.

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Product - anything that can be offered
to a market to satisfy a want or need,
including physical goods, services,
experiences, events,
persons, places, properties,
organizations, information, and
ideas.
It’s the Product Stu-dent!

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Chapter focus:
the Product
Components of Market
Offering
Attractiveness of
the market offering
Value-based Prices
Product
features
and quality
Services
mix and
quality

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1. Core Benefit
2. Basic Product
3. Expected Product
4. Augmented Product
5. Potential Product
1. Address 5 Product Levels of
Customer Value

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1. Durability and Tangibility
1. Durable – tangible, many use
2. Non-Durable – tangible, one or a few use
3. Services – intangible, variable, perishable
2a. How Marketers Classify
Products

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2. Use – Consumer or Industrial
1. Consumer – habits
1. Convenience – frequent, minimal effort
2. Shopping – compares quality, price, style
3. Specialty – unique or brand identification
4. Unsought – not normally think of buying
2b. How Marketers Classify
Products

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2. Use
2. Industrial
1. Materials and Parts
1. Raw – processed further
1. Farm – produced
2. Natural – limited supply
2. Manufactured –
1. Component Materials – fabricated further
2. Component Parts – used as is
2c. How Marketers Classify
Products

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2. Industrial
2. Capital Items
1. Installation – major $
2. Equipment
3. Supplies and Business Services
1. Maintenance and Repair
2. Operating
3. Business Services
2c. How Marketers Classify
Products

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3a. Differentiating Products
(Some) Product Differentiators
1. Form – size, shape, physical
2. Features – specifications
3. Customization
4. Performance Quality
5. Conformance Quality - consistency
6. Style

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Services Differentiators
1. Ordering ease
2. Delivery
3. Installation - required
4. Customer Training
5. Customer Consulting
6. Maintenance and Repair
7. Return Policy
3b. Differentiating Services

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Need family
Product family
Product class
Product line
Product type
Item
1. Need family – core need
2. Product family – all product classes,
satisfy core need
3. Product class – group of products
within product family
4. Product line – group of products
within product class
5. Product type – group of items
within product line
6. Item – distinct unit
4. Identify 6 Levels of Product
Hierarchy
Financial Instruments
Life Insurance
Term Life Insurance

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Product System – diverse but related items (product &
accessories)
Product Mix – assortment, all products
1. Width – how many product lines
2. Length – total items in the mix
3. Depth – how many variants in each product line
4. Consistency – how closely related the product
lines are
5a. Analyze Product Lines,
Product Systems and Mixes

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5b. The Product Systems and
Mixes

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Product Line Analysis – basic platform
1. Sales and Profits
2. Market Profile – versus competitors
3. Product Line Stretching
5c. Analyzing Product Lines,
Product Systems and Mixes

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5d. Sales & Profits Analysis

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Company X
5e. Market Profile

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5f. Line Stretching

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Packaging – 5th P, advertising tool,
instant recognition, identity
Labeling – provide info, required
by law
Warranties and Guarantees – provide
peace of mind to some, perception of
performance and dependability
“Food must look good, because even if
it doesn’t taste good, it’s too late”
6. Packaging, Labeling,
Warranties, Guarantees

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Explore and exploit…
1. Product Levels
2. Product Classification
3. Products and/or Services
Differentiation
4. 6 Levels of Product Hierarchy
5. Product Systems and Mix
6. Perception with
Packaging, Labeling, Warranties, an
d Guarantees
At the heart of a great brand
is a great product.

Kotler Chapter Assignment - Chapter 12 Setting Product Strategy

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Kotler Chapter Assignment - Chapter 12 Setting Product Strategy